30% drop in 30 days, yet Sharplink’s staking rewards cross 21K ETH – What’s happening?
Are institutions placing their bets on long-term yield rather than short-term market fluctuations?
Sharplink, the second-largest Ethereum [ETH] digital assets treasury (DATs) company, has hit 21,119 ETH in total staking rewards.
This milestone was achieved as Sharplink added another 529 ETH in staking rewards this week.
Entry outpaced exit despite the drop
Meanwhile, Ethereum‘s validator queues in June highlighted a staking environment that was still strong, despite cooling down.
The “Entry” queue gradually shrank from about 3.2 million ETH towards the beginning of the month to about 3 million ETH by 09 June. This indicated that although demand for new staking was still high, the spike that occurred in late April and early May had started to subside.
The “Exit” line, however, remained close to zero for the majority of the month, with only a brief hike in late May that lasted into early June before rapidly diminishing.
All in all, this indicated that validators have continued to prefer staking over withdrawing.
What are Ethereum’s staking dynamics showing?
Well, over the last ninety days, the percentage of Ethereum’s supply that is staked as well as the total amount of ETH staked seemed to tell us a different story.
Despite a slight slowdown in the growth of the validator queue, Ethereum staking has remained strong in June. The total amount of Ethereum staked increased gradually from about 39.1 million at the start of June to over 39.25 million by 09 June – A new high for the timeframe.
At the same time, the percentage of Ethereum’s circulating supply that was locked in staking increased from about 32.1% to more than 32.2%. The steady uptick indicated that more Ethereum owners kept their holdings in staking, rather than selling or keeping them liquid.
This trend can generally be seen as a positive for Ethereum since it lowers the quantity of ETH that may be easily accessible on the market.
Sharplink vs. Bitmine
According to AMBCrypto, Sharplink added 422 ETH to its staking rewards over the previous week.
On the other hand, Bitmine Immersion Technologies, Inc. has so far staked 4,718,677 ETH – Equivalent to $7.7 billion at $1,630 per ETH.
All of this occurred as ETH’s value fell by nearly 30% over the previous month, with the altcoin trading at $1,634.58 at press time. This suggested that Sharplink is still far behind Bitmine.
This can be further supported by Bitmine’s own ETH holdings, with the same climbing to 5,543,872 ETH worth $9.06 billion.
Final Summary
- Ethereum staking has kept growing in June.
- By taking advantage of Ethereum’s continuously expanding staking ecosystem, Sharplink added 529 ETH in rewards this week.
